Atai Life Sciences N.V. Q3 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Financial Highlights (Q3 2021):
    • Cash and equivalents: $430.3 million as of September 30, 2021, down from $453.6 million on June 30, 2021.
    • Cash runway expected to fund operations into 2024.
    • Operating expenses: $33.6 million in Q3 vs. $61.3 million in Q2. Reduction largely driven by a $25.5 million decline in non-cash stock-based compensation and no repeat of the $8 million R&D expense from Neuronasal consolidation in Q2.
    • G&A expenses (excluding stock-based comp): increased to $13.5 million in Q3 from $8.7 million in Q2 due to public company operational costs.
  • Pipeline Highlights & Program Updates:
    • COMPASS Pathways (19.4% ATAI ownership)
      • COMP360 (psilocybin) showed rapid onset and durability in Phase 2b TRD trial (n=233).
      • Statistically significant 6.6-point MADRS reduction at 3 weeks vs. placebo; 24-hour onset also observed.
      • Tolerability affirmed with 90%+ of AEs mild/moderate.
    • Perception Neuroscience
      • PCN-101 (R-ketamine) Phase 2a trial ongoing in TRD with 93 patients across US/EU.

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Operator: Good morning. And welcome the ATAI Life Sciences Third Quarter 2021 Financial Results and Corporate Update Conference Call. Currently all participants are in listen-only mode. This call is being webcast live via the News & Events section of the company's website at www.atai.life and is being recorded. For opening remarks I would like to introduce Chad Messer, Vice President of Investor Relations and Strategic Finance of ATAI Life Sciences. Please go ahead. Chad Messer: Thank you. Welcome to our third quarter 2021 ATAI Life Sciences corporate update conference call. The press release reporting our financial results is available in the Investors & Media section of our website at www.atai.life and our quarterly report on Form 10-Q ended September 30 2021 will file today with the SEC. Joining me today are Florian Brand, our co-Founder and Chief Executive Officer. Dr. Srinivas Rao, our co-Founder and Chief Scientific Officer; and Greg Weaver, our Chief Financial Officer. During today's call, we will be making certain forward looking statements that are intended to be covered by the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. While these statements represent management's current expectations of projections about future results, and performance as of today, ATAI’s results are subject to many risks and uncertainties that could cause actual results to differ materially from those expectations. In addition to any risks highlighted during t

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